Anti-Fraud Policy

Introduction

     Bangkok Life Assurance Public Company Limited (“the Company”) is committed to operating with honesty and fairness, and prioritize the prevention of potential fraud that may arise from its operations. To ensure compliance with the regulators’ requirements, the Board of Directors has established this Anti-Fraud Policy (“the policy”).

Purpose

     This policy is established to be a framework for formulating measures related to fraud prevention, detection, and management, as well as continuously improving fraud prevention measures. It also includes fraud investigation measures and reporting protocols in accordance with regulators’ regulations and the Company’s Good Corporate Governance Policy.

Scope

     This policy encompasses the prevention of fraud related to directors, executives, employees, Company’s authorized persons, insurance intermediaries, outsourced service providers, insureds, beneficiaries, business partners, and their authorized persons. The Company establishes continuous entity-wide measures for managing fraud-related risks to appropriately develop and establish preventive measures. Company’s personnel must study this policy and adhere to it strictly. Those who violate this policy may face disciplinary actions, legal penalties, or termination of business relationship.

Definition

     “Fraud” is defined as an intentional act or omission, deception, or misrepresentation by external and/or internal persons to seek unlawful benefits for themselves or other related parties.

The Company classifies fraud into the following three groups according to the type of person involved.

• Internal fraud encompasses asset misappropriation or malpractice by Company’s personnel, whether acting alone or in collusion with other internal or external individuals. Example behaviors include misappropriation, document forgery, and the concealment or falsification of important information on financial statements.
• Intermediary fraud involves agents, brokers, business partners, and outsourced service providers. Examples include a third-party administrator (TPA) committing fraud against the Company and/or policyholder in the claim process by misappropriating premium or forging documents.
• External fraud includes fraud committed against the Company by business partners, customers, or policyholders. Examples include insurance application fraud and claim fraud.

Anti-Fraud Policy

     Zero Tolerance

     The Company applies “Zero Tolerance” practices and does not accept any dishonest actions which affect the Company and its stakeholders committed by any persons to seek unlawful benefits for themselves or others.

     Company’s personnel must strictly adhere to this policy and must not, under any circumstances, engage in fraud. External persons who have business relationships with the Company are also encouraged to adhere to this policy.

     Risk Management and Fraud Handling

     The Company must conduct entity-wide fraud risk management and establish measures for promptly managing and addressing actual or potential fraud within a suitable timeframe. Those measures must be sufficient to ensure that all relevant matters are thoroughly examined to identify the root cause, leading to the development and improvement of processes or measures to effectively prevent future fraud. Moreover, the Company must diligently carry out disciplinary or legal action against offenders.

     Fraud Reporting

     Company’s personnel must understand the nature and types of transactions that may lead to fraud, especially those related to their responsibilities, and consistently observe, study, and review abnormal indicators. They have a duty to communicate and prevent fraud committed internally or by those associated with the Company, without ignoring any instances of fraud. When witnessing fraud or instances that could lead to fraud, they must immediately report them to their supervisor or through the whistleblowing channel provided by the Company, and cooperate in the investigation process.

     Governance

     The Company’s fraud prevention framework encompasses risk assessment, prevention, management, and reporting. The Company will report the results of fraud risk assessment and fraud statistics to the Board of Directors.

     Anti-Fraud Guideline

     For efficient fraud prevention, the Company establishes an Anti-Fraud Guideline under this policy, which is regularly reviewed.

     Policy Review

     The Company shall regularly review this policy or when there are material changes.

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